Outgoing Games Workshop CFO Sells Two-Thirds of Company Stock
Alex Gherzo | Apr 23, 2024 |
The uproar over Warhammer 40K retconning women into the Custodes is more serious than you may have thought. The Park Place reports that the chief financial officer for Games Workshop, Rachel Tongue, has “sold two-thirds of her stake in the company worth approximately $865,000.” That’s a lot of cash, and this comes after Games Workshop’s stock has risen 142.81% in the last five years and “nearly 2,000%” since 2007. However, since the beginning of 2024, the stock has gone down 5%. Tongue is also leaving Games Workshop, which was revelaed in January; she will step down from her position as CFO in September and fully resign in January 2025. This is happening, as That Park Place points out, amid customers “cancelling their Warhammer+ subscriptions” and threatening to boycott Games Workshop over the changes made to the lore.
Games Workshop CFO Sells Two-Thirds Of Her Shares Amid Growing Warhammer Boycott https://t.co/mjdNdoSeH9
— That Park Place (@TPPNewsNetwork) April 23, 2024
While Rachel Tongue obviously isn’t stepping down over the Warhammer 40K backlash – her departure was announced three months ago – selling so much of her stock in the company seems to be a clear reaction to customer dissatisfaction. It wouldn’t make much sense to sell stock that’s gone up as exponentially as Games Workshop’s has over one drop, which is a bump virtually every company will experience at some point… unless she sees this as the beginning of a downward trend. This is the chief financial officer; she knows a lot more about where the company’s profitability is likely to go than anyone else. If she’s selling that much stock, there’s trouble a-brewin’ for Games Workshop. It makes me wonder how many people have canceled their subscriptions or done other things, like leaving Discord servers and other groups. It brings to mind Bob Iger selling 80% of his Disney stock in February, which, for some reason, didn’t sway enough shareholders to vote against him in the Proxy War with Nelson Peltz. The insiders know which way the wind is blowing, and pretty soon, Games Workshop may look back wistfully at that 5% drop.
